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GENIVAR Income Fund Announces Approval of Plan of Arrangement and Appointment of New Chief Financial Officer
GENIVAR Income Fund Announces Approval of Plan of Arrangement and Appointment of New Chief Financ...
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[{"type":"text","content":"\n\n\n\n May 27, 2010 (Canada NewsWire Group) -- /Not for distribution to U.S. news wire services or dissemination in the U.S./\n\nMONTREAL, May 27 /CNW Telbec/ - GENIVAR Income Fund (the "Fund") is pleased to announce that at the annual and special meeting of the unitholders of the Fund ("Unitholders") held today in Montreal, the Unitholders approved the previously announced plan of arrangement under section 192 of the Canada Business Corporations Act involving GENIVAR Inc. and the Fund (the "Arrangement") pursuant to which the Fund will combine with GENIVAR Inc. and convert from an income trust structure to a publicly-traded corporation to be named GENIVAR inc. ("New GENIVAR").\nThe Arrangement has also been approved by the shareholders of GENIVAR Inc. ("Shareholders") at the annual and special meeting of the Shareholders held today in Montreal, immediately prior to the annual and special meeting of the Unitholders.\nThe Unitholders and the Shareholders have also approved the adoption of a long-term incentive plan for New GENIVAR.\nAs set out in the Fund's management information circular dated April 15, 2010, the Fund will appear before the Superior Court of Québec in order to obtain a final order with respect to the plan of arrangement on June 14, 2010.\nSubject to, and conditional upon the closing of the Arrangement, it is expected that the common shares of New GENIVAR will commence trading on the Toronto Stock Exchange under the symbol "GNV" on or about January 1, 2011.\nThe Fund also announced today that Alexandre J. L'Heureux, CA, CFA, has been appointed as Chief Financial Officer effective July 1st, 2010. "I am very pleased to welcome Alexandre L'Heureux as our new CFO of GENIVAR Income Fund. Alexandre has a strong finance background with solid international experience gained over 13 years in senior finance positions in the investment, life and science industries, as well as in consulting services," mentioned Pierre Shoiry, President and CEO of GENIVAR Income Fund. Mr. L'Heureux holds a Bachelor of Science with a major in Accounting, as well as a minor in Economics from the University of Quebec in Montreal. He is a member of the Canadian Institute of Chartered Accountants and a member of the CFA Institute. Mr. L'Heureux will succeed Marcel Boucher...